09:28 AM EDT, 07/24/2024 (MT Newswires) -- AT&T's ( T ) second-quarter earnings fell year over year while the telecommunication giant added more postpaid phone subscribers than expected and maintained its full-year earnings outlook.

The company's adjusted earnings came in at $0.57 per share for the June quarter, in line with the Capital IQ-polled consensus, but down from $0.63 a year earlier. Revenue edged down 0.4% to $29.8 billion, falling short of the Street's view for $29.98 billion.

"Our solid performance this quarter demonstrates the durable benefits of our investment-led strategy," Chief Executive John Stankey said in a statement. Shares of AT&T ( T ) were up 3.6% in recent premarket activity.

Communications revenue decreased 0.9% year over year to $28.58 billion. Within mobility, service revenue rose 3.4% to $16.28 billion, while equipment revenue dropped 8% to $4.2 billion due to lower volumes. Consumer wireline rose 3% to $3.35 billion, boosted by broadband gains. Business wireline revenue fell 9.9% to $4.76 billion amid reduced demand for legacy voice and data services.

AT&T ( T ) added 419,000 net postpaid phone subscribers in the quarter, up from 326,000 last year and 349,000 in the prior three-month period. The consensus on Visible Alpha was for a 266,100 net increase.

Total operating expenses rose to $24.04 billion from $23.51 billion in the prior-year quarter. The increase was due to higher depreciation related to the company's continued investment in fiber and 5G technology, accelerated depreciation on wireless network equipment and restructuring charges.

AT&T ( T ) continues to project adjusted EPS in a range of $2.15 to $2.25 for 2024, while the Street is looking for $2.21. The company said it reiterated its revenue growth outlook in "the 3% range" for wireless service and more than 7% for broadband.

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